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    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    Best Crypto Exchange Affiliate Programs in 2023

    Best Crypto Exchange Affiliate Programs in 2023

    What does Crypto Index fund Means and How to Invest?

    What does Crypto Index fund Means and How to Invest?

    Who Will Reach $1 First In 2023?

    Who Will Reach $1 First In 2023?

    5 Best New BSC Cryptocurrencies To Invest In 2023

    5 Best New BSC Cryptocurrencies To Invest In 2023

    Investing Penny Stocks? 5 Crypto Stocks To Watch Now

    Investing Penny Stocks? 5 Crypto Stocks To Watch Now

    5 Reasons Why Shiba Inu Will Rule The Crypto Market In 2023

    5 Reasons Why Shiba Inu Will Rule The Crypto Market In 2023

    Top 5 Cryptocurrencies Under $1 that Will Explode in January 2023

    Top 5 Cryptocurrencies Under $1 that Will Explode in January 2023

    Chinese New Year And Bitcoin Will There Finally Be Fireworks For The King

    Chinese New Year And Bitcoin Will There Finally Be Fireworks For The King

  • Analysis
    Why BTC Bears Remain In Control Below $50K

    Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $28K

    Ethereum Price Signaled “Sell” And Remains At Risk of More Losses

    Ethereum Price at Clear Risk of Further Losses After Multiple Rejections

    Tron (TRX) Sees 10% Price Surge Following Bittorrent Bridge Launch

    Tron (TRX) Sees 10% Price Surge Following Bittorrent Bridge Launch

    Is A 500x Surge On The Horizon?

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    Bitcoin Price Faces Hurdle, Why 100 SMA Is The Key

    Bitcoin Price Takes Hit – Upsides Turn Attractive To Sellers

    Bitcoin Turns Sell on Rallies Towards $48K, Bears In Action

    Bitcoin Price Faces Confluence of Bearish Factors And Could Decline Heavily

    Ethereum Extends Rally, Why ETH Could Rally Further Above $5K

    Ethereum Price Smashes Resistance, $1,900 Could Be Next

    Bulls Aim Big After Recent Surge Above $0.5

    Bulls Aim Big After Recent Surge Above $0.5

    Ethereum Breaks USD 4K, Indicators Suggest Short-term Recovery

    Ethereum Price Topside Bias Vulnerable If It Continues To Struggle Below $1,920

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BTC Drops 13% To Retest the $58,000 Support Floor

2021-11-17
in Bitcoin
0
Bitcoin’s Institutional Activity Is 8x from 2017, Traders Show Interest to Buy the Dips
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Bitcoin worth retests the $58,000 assist stage because it struggles to reclaim the $60,000 essential assist wall. BTC has misplaced nearly $10,000 from its all-time excessive above $69,000. Overcoming the 200 SMA above $62,000 may see Bitcoin restart the upswing.

Bitcoin worth extends Tuesday’s worth correction because it retests essential assist ranges. Bitcoin has dropped as little as $58,527 on Wednesday because the $58,000 assist stage comes it helpful. Analysts are, nevertheless, stay bullish on Bitcoin that it’s going to resume the upswing so long as it recaptures the $60,000 psychological stage.

Bitcoin  Value Grapples With the $58,000 Psychological Stage

The present BTC worth drop has seen the massive crypto decline 14% from the November 10 all-time excessive (ATH) above $69,000 to the present worth round $59,572. The drop has seen Bitcoin slice by the $60,000 psychological stage repeatedly shedding greater than $10,000 from the ATH as seen on the four-hour chart.

The four-hour demand zone between the $58,527 and $60,876 ranges provide essential assist areas that determine the course taken by Bitcoin worth.

A bounce from this assist zone may bolster the bulls who’re more likely to push the Bitcoin worth above the $60,876 main resistance stage to tag the 200-period easy transferring common (SMA) at $62,683. Flipping this stage into assist is more likely to propel the bellwether cryptocurrency in direction of new file highs above $70,000.

BTC/USD 4-Hour Chart

Bitcoin price Four-Hour Chart

Earlier than this, BTC/USD has to beat the 100 SMA at $63,571 and 50 SMA at $64,304 embraced by the declining trendline.

The above bullish narrative thesis that BTC worth will bounce maintain the $58, 000 assist zone, nevertheless, a breakdown of this assist ground will counsel that Bitcoin may head right into a liquidity space, starting from $53,000 to $56,000 psychological ranges.

The place of the Bitcoin worth beneath the SMAs and the entry of the Relative Power Index (RSI) into the oversold area validate this unfavorable outlook.

The place of the Moving Average Convergence Divergence (MACD) indicator beneath the impartial line provides extra credence to Bitcoin’s bearish narrative.

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